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Nigeria state oil company struggles with transparency

Nigeria state oil company struggles with transparency

Nigeria

Despite some progress, Nigeria’s national oil company still faces transparency problems.

Of all the major players in country’s oil sector, only the Nigerian National Petroleum Company NNPC, has not complied with the requirements of the Extractive Industries Transparency Initiative, its secretary said.

The national oil company is unable to explain the intent of a total of $22.7 billion. However, this money was collected by the NNPC after the sale of operating licences. And the receipt of 15 years of dividends in a consortium where the oil company owns stakes.

The NNPC spokesman did not comment on these accusations.

The Nigerian Initiative’s Extractive Industries Transparency Initiative does not have the means to hold a company to account.

However, the secretary says that his reports have allowed the federal government to trace billions of dollars that had been misappropriated.

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